BEIJING: Copper prices in Shanghai nudged up on Friday, amid quiet trading ahead of the US non-farm payrolls report, but the metal was headed for a slight weekly loss under macro economic pressure.
The most-traded May copper contract on the Shanghai Futures Exchange ended daytime trade 0.6% higher at 69,040 yuan ($10,041.89) a tonne as of 0755 GMT. It has lost 0.6% so far this week.
Copper inventories in warehouses monitored by SHFE declined at a slower rate on Friday, down 0.5% week on week to 155,761 tonnes.
Trading on the London Metal Exchange (LME) is closed because of the Good Friday holiday. Three-month LME copper declined 1.5% this week.
Copper prices, often seen as an economic bellwether, touched their lowest in more than two weeks on Wednesday after weak US economic data fuelled fears of a recession.
The dollar index dipped on Friday in thin trading as investors pondered how pivotal US jobs data coming out on a stock trading holiday might impact the Federal Reserve’s policy and unleash a potentially volatile market reaction.
Meanwhile, tight inventories and improved demand in top consumer China lent some support to the market.
Marex noted a growing number of Chinese smelters were inactive by the end of March and the second quarter is also expected to be a particularly busy period for maintenance in China.
CITIC Futures forecast for 2023 that China’s copper production will rise by 6.6% while its demand will increase by 4%.
SHFE tin slipped 0.5% to 196,700 yuan, while aluminium gained 0.5% to 18,690 yuan a tonne, zinc climbed 0.2% at 22,140 yuan, lead was up 0.6% at 15,320 yuan, and nickel rose 3.1% to 178,760 yuan.
SHFE nickel stocks plunged 16.7% to 1,505 tonnes on Friday, the lowest since August 2022.
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